How does your employment contract effect qualifying for a mortgage loan?

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How does your employment contract effect qualifying for a mortgage loan or doctor home loan?

This is one of those issues that comes up all the time, when someone's either relocating to Utah or coming out of a residency and into practice in Utah for the very first time.

It really varies depending on the loan program that you're going into. It will depend on your credit score, your down payment, a myriad of factors that come together that lead me to a loan program that is best for you. Then those loan programs will look at your employment contracts a little bit differently.

But generally speaking, it's best if we have an employment contract that is greater than one year, so two years or longer. And generally speaking it is better if you have an employment contract that has a guaranteed salary minimum, and then it can be incentivized above and beyond that. But if you're going into just a purely incentivized or purely private practice situation, then we have to really direct you more to towards a physician specific loan. And of course we have solutions for that as well.

If you want to qualify for the easiest and most broad type of loan, then you want an employment contract that is greater than one year in length. Hope that helps.

Please call Josh with any questions you have about Physician Loans at 801-747-1210.

Josh Mettle is a top producing mortgage lender specializing in financing Physicians, Dentists and Medical Professionals at Citywide Home Loans. Check out his site http://www.utahphysicianhomeloans.com/ for medical professionals. Josh is also a fourth generation real estate investor, and owns a number of rental homes, apartment units and mortgages. If you're ready to buy or sell residential real estate, get Josh's latest free tips, tools and newsletter at http://www.utahphysicianhomeloans.com/ and be sure to check our FREE Relocation Package for Physicians. To learn more about Josh, go to http://www.joshmettle.com.

Josh Mettle
NMLS #219996
CA-DOC #219996
Equal Housing Lender

Citywide Home Loans NMLS #67180 801-747-0200

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